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Energy major Reliance Industries is looking to pick up an 11 per cent stake in Venezuela’s Petrocarabobo project that was recently surrendered by Malaysia’s Petronas, and is eyeing exploration assets in Mexico, a company official said.

“We are also looking to participate in the heavy oil upgrades project and a farm-in in the Carabobo-1 block, taking over the participating interest of Petronas,” Swagat Bam, senior vice-president at Reliance said on Tuesday.